Slide 1: Q1 2026 Results
Q1 2026 Gleb Budman CEO and Co-Founder Backblaze Results May 4, 2026 Marc Suidan CFO Backblaze ©2026 | 1
Slide 2: Important Information About This Presentation
Important Information About This Presentation Cautionary Note Regarding Forward-Looking Statements This presentation contains forward-looking statements, which involve risks and uncertainties. These forward-looking statements are generally identified by the use of forward-looking terminology, includi
Slide 3: Our Mission
Our Mission To make customers unstoppable by solving their toughest data storage challenges. Backblaze ©2026 | 3
Slide 4: Key Highlights
Key Highlights ● Revenue and adjusted EBITDA exceeded guidance. ● Winning in AI storage. AI customers growing 76% y/y. ● GTM transformation is gaining traction. Existing customer pipeline nearly doubled y/y. Notes: AI customer count reflects the number of customers identified as having AI-related us
Slide 5: The AI Opportunity
The AI Opportunity Backblaze is serving both the builders of AI infrastructure and the companies deploying AI in real-world workflows. AI infrastructure and tools: Selling to the Suppliers of AI AI companies ● Neoclouds ● Generative AI companies ● Training data providers ● Data-intensive workflow team
Slide 6: AI Infrastructure & Tools Market Opportunity
AI Infrastructure & Tools Market Opportunity Backblaze well positioned to serve the emerging storage tier demand ● $14B market opportunity estimated by BACKBLAZE OPPORTUNITY 2030 The scalable performant & cost-efficient storage layer ● Flash is about 10x more expensive per behind flash TB than hard dr
Slide 7: AI Infrastructure and Tooling Customer Win
AI Infrastructure and Tooling Customer Win THE CUSTOMER Training data provider selected B2 for 11 ~$1M large-scale video storage DAYS TO CLOSE ARR WHY WE WON Backblaze is winning with ● Incumbent provider had rate limits fast-growing AI infrastructure and bandwidth constraints ● Won on economics and
Slide 8: AI Company Market Opportunity
AI Company Market Opportunity Backblaze winning as AI workloads shift to multimodal BACKBLAZE OPPORTUNITY ● AI models are going multimodal – video, audio, and images Price and performance get us in the door. Experience keeps them and grows them. ● Data volumes are growing by orders of magnitude Winn
Slide 9: AI Company Customer Win
AI Company Customer Win THE CUSTOMER AI-powered video creation company selected As AI workloads scale, B2 for model training data Backblaze is the leading storage platform for AI. WHY WE WON ● Incumbent was difficult to manage and too expensive ● Backblaze offered the best performance per dollar ~$50
Slide 10: Developer Ecosystem
Developer Ecosystem Meeting developers where they already work 13M users ⬝ 2M+ models $500M valuation Backblaze tool to store and share model Plugin to support GenAI workflows caches on B2 Tens of thousands of computer vision teams 60 million monthly downloads B2 integrated as backend for training da
Slide 11: Go-to-Market Transformation
Go-to-Market Transformation INCREASING IMPROVING PIPELINE EXPANDING WITHIN AWARENESS CONSISTENCY CUSTOMER BASE 100+ companies Systems upgraded 2x pipeline Y/Y joined Flamethrower in Core GTM Sourced from installed under 3 months infrastructure complete base this quarter Milestone achieved in Enables
Slide 12: Bringing Proven GTM Leadership to Backblaze
Bringing Proven GTM Leadership to Backblaze Anuj Kumar “The buildout of AI infrastructure Chief Revenue Officer is one of the largest capital replatformings in the history of enterprise technology, and storage underpins it. Backblaze ● 20+ years scaling cloud revenue has built the right platform for
Slide 13: New Customer Momentum
New Customer Momentum Winning where data is valuable, active and operationally important Healthcare Cloud gaming Audio streaming data company platform platform Selected for Serving a Migrating from disaster recovery multi-cloud self-managed environment infrastructure to B2 Disaster recovery Multi-cl
Slide 14: Financial Overview
Financial Overview Marc Suidan CFO Backblaze ©2026 | 14
Slide 15: Key Financial Highlights
● Strong B2 revenue growth at 24% Key ● Robust Adj. EBITDA margin of 26% Financial ● Full-year outlook raised by $5M Highlights NOTES: Adjusted EBITDA is a non-GAAP financial measure. Please refer to the Appendix for a reconciliation to the most directly comparable GAAP measure. Backblaze ©2026 | 15
Slide 16: B2 Growth Journey
B2 Growth Journey Backblaze ©2026 | 16
Slide 17: Revenue Drivers Defined
Revenue Drivers Defined New Direct Sales: Direct Sales led new logo acquisition New Self-serve: PLG led new logo acquisition Direct Cross-sell/Upsell: Direct Sales led upsell of existing customers Net Organic Growth: Organic data growth less data contraction NOTES: PLG means Product Led Growth. Backb
Slide 18: B2 ARR Methodology Change
B2 ARR Methodology Change +$5M WHAT CHANGED ARR is now annualized from the final month of the quarter to 365 days, improving comparability across Q1’26 sequential ARR addition periods. B2 ARR Q1’24 Q2’24 Q3’24 Q4’24 Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 ($M) New 58.4 63.5 65.7 69.0 72.5 81.8 82.8 87.4 93.0 M
Slide 19: RPO Growth Methodology Change
RPO Growth Methodology Change WHAT CHANGED +$31M +$6M Now capturing both annual and multi-year customer commitments, aligned to peer group. YEAR OVER YEAR QUARTER OVER QUARTER RPO is becoming more important as we sign larger, longer commitments New method ($M) Within Over Total 1 Year 1 Year Q1 2026
Slide 20: Upmarket Traction
Upmarket Traction $50K+ ARR CUSTOMERS $50k+ CUSTOMER COUNT Q2’25 Q3’25 Q4’25 Q1’26 ARR $23M $24M $25M $27M % of Total ARR 15% 16% 17% 17% 187 CUSTOMERS in Q1 2026 UP 51% Y/Y Backblaze ©2026 | 20 Note: Historical ARR is based on the new methodology.
Slide 21: Financial and Operational Q1 Highlights
Financial and Operational Q1 Highlights IN- GROSS REVENUE Y/Y QUARTER CUSTOMER ($M) GROWTH NRR RETENTION B2 Cloud $22.4 24% 110% 89% Storage Computer $16.2 -2% 95% 91% Backup Total $38.7 12% 103% 91% Company Note: Some amounts may not sum due to rounding. Backblaze ©2026 | 21
Slide 22: B2 Growth Excluding the Large Variable Customer
B2 Growth Excluding the Large Variable Customer Factoring out variable usage of this large AI customer, B2 Revenue Growth has stabilized. Q2’25 and Q3’25 reflects variable peak usage. Q1’25 Q2’25 Q3’25 Q4’25 Q1’26 Y/Y B2 Growth 23% 29% 28% 24% 24% Growth Excluding Large Variable 23% 22% 22% 23% 23% U
Slide 23: Building A Self-Funding Business
Building A Self-Funding Business Adj. EBITDA Margin Adj. Free Cash Flow Margin 23-25% 22% ~1% 10% 5% IPO 2022 2023 2024 2025 2026E 2021 (4%) IPO 2021 2024 2025 2026E (16%) 2022 2023 (29%) (3%) (42%) (11%) (54%) NOTES: Adjusted EBITDA and Adjusted Free Cash Flow margins shown for the years ending Dec
Slide 24: Q2'26 and Full Year Guidance
Q2’26 and Full Year Guidance Revenue ($M) Adj. EBITDA Margin Q2’26 Q2’26 $39.8 to $40.2 21% to 23% FY 2026 Raised FY 2026 Raised $161.5 to $163.5 23% to 25% NOTES: The above financial information guidance for Q2 of 2026 and fiscal year 2026 are forward-looking statements. The revenue outlook for fiscal
Slide 25: Q&A
Q&A Backblaze ©2026 | 25
Slide 26: Thank You!
Thank You! Backblaze ©2026 | 26
Slide 27: Appendix
Appendix Backblaze ©2026 | 27
Slide 28: Definitions
Definitions ● “ARR” means Annual Recurring Revenue and is calculated based on the monthly revenue from all B2 Cloud Storage arrangements for the last month of a period multiplied by 12, and for Computer Backup arrangements, based on the average daily revenue from the last month of the period multipli
Slide 29: Definitions
Definitions ● “Customer” means a customer at the end of any period as a distinct end user, as identified by a unique account identifier, which makes up substantially all of our user base. ● “Adjusted EBITDA” is defined as net loss adjusted to exclude depreciation and amortization, stock-based compensati
Slide 30: Definitions
Definitions ● “Non-GAAP Net Income (Loss)” We define non-GAAP net income (loss) as net income (loss) adjusted to exclude stock-based compensation, realized and unrealized gains and losses on foreign currency transactions, impairment of long-lived assets, restructuring charges, legal settlement costs,
Slide 31: Reconciliation of Non-GAAP Measures: Adjusted Gross Margin
Reconciliation of Non-GAAP Measures: Adjusted Gross Margin Adjusted Gross Profit Q1’26 Q1’25 Gross Profit $23.529 $19.256 Gross Margin 61% 56% Adjustments for Cost of Revenue: Stock Based Compensation 0.458 0.420 Depreciation & Amortization(1) 6.513 7.644 Restructuring Charges .237 — Adjusted Gross Pr
Slide 32: Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss)
Reconciliation of Non-GAAP Measures: Non-GAAP Net Income (Loss) Q1’26 Q1’25 Net Loss $(6.147) $(9.324) Net Loss Margin -16% -27% Adjustments: Stock Based Compensation(1) 6.712 7.359 Foreign Exchange Loss (Gain) (0.039) 0.149 Restructuring charges 2.191 — Non-GAAP Net Income (Loss) 2.717 (1.816) Non-
Slide 33: Reconciliation of Non-GAAP Measures: Adjusted EBITDA
Reconciliation of Non-GAAP Measures: Adjusted EBITDA Q1’26 Q1’25 Net Loss $(6.147) $(9.324) Net Loss Margin -16% -27% Adjustments: Depreciation & Amortization(1) 6.593 7.764 Stock Based Compensation(2) 6.712 7.359 Interest Expense & Investment Income, Net 0.805 0.320 Income tax provision 0.028 0.084
Slide 34: Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow
Reconciliation of Non-GAAP Measures: Adjusted Free Cash Flow Q1’26 Q1’25 Net Cash Provided by (Used In) Operating $3.360 $4.943 Activities Capital Expenditures (2.763) (2.626) Principal Payments on Finance Leases and (4.230) (4.543) Lease Financing Obligations Payment on litigation settlement costs